Gurugram-based online travel marketplace Ixigo has held talks with investors to raise up to ₹539 crore ($75 million) in a series C funding round, as reported by VCCircle.
According to the travel aggregator, Sequoia Capital and Fosun International will be participating in the round. The company also said that it is in talks with a number of US and China-based investors, without disclosing any details.
The fresh infusion will be used to boost product innovation, research and development, and brand marketing.
Founded by Aloke Bajpai and Rajnish Kumar in 2006, Ixigo enables customers to efficiently plan their travels by providing a platform that aggregates information from numerous travel websites to provide a wide range of offers and deals across travels, flights, buses, cabs, trains and hotels.
Ixigo is looking to ramp up its rail ticketing platform, which accounts for 20% of its revenue and expects to take this number to 50% by 2020.
The travel aggregator has more than 100 million users across its platform, with 21 million active monthly users.
“In FY 2017-18, we did GMV of $100 million, and in the year before that (FY 2016-17), we had done $25 million. Next year, we should comfortably exceed $500 million,” Aloke Bajpai, CEO of Ixigo.
Earlier in March 2017, Ixigo raised $15 million in a series B funding round from Sequoia Capital India and Fosun International.
So far, Ixigo has raised around than $35 million across all funding rounds, according to Crunchbase. It also counts SAIF Partners and online travel agency MakeMyTrip, among its investors.
In September 2018, it was reported that Ixigo posted ₹69 crore in revenue, growing at 200%, during FY18.
Other travel aggregators competing with Ixigo in the Indian market include Skyscanner, Kayak, Expedia, and Trivago, among others.